My son is currently on remand waiting trial. We have had a really tricky time over the last year learning about some of the things that he has been doing, but we want to make sure that we support him through the trial so that he can get a fair process. Having family on your side can help the prisoners to have an easier time at trial and can often help the lawyers to provide the strongest possible defence in court. This blog explains how family members can help to make sure that legal process goes smoothly and that the lawyers get all of the resources that they need.
You might hear people use the terms 'insolvency' and 'bankruptcy' as though they're interchangeable—but there is, in fact, a clear distinction.
Insolvency is a legal term, and can be applied to either businesses or individuals. There are two technical definitions of insolvency:
It's possible for financially healthy businesses and individuals to be in a state of temporary or sustainable insolvency if there are ever times when your assets are worth less than your debts but your income can cover them. If, on the other hand, you're not able to cover those debts, you'll need to take steps to resolve your financial situation.
One of the steps you can take when you're experiencing insolvency is to have yourself or your business declared bankrupt. This is essentially a legal recognition of the fact that you are unable to pay your debts; steps will be taken to recover as much money as possible from your existing assets and income over a set period, during which time bailiffs and company debt collectors are barred from chasing you up to claim your possessions. At the end of the bankruptcy period, any remaining debts will generally be written off—although it will be much more difficult for you to borrow money in the future.
Bankruptcy is often thought of as a bad thing, and many people take extreme steps to avoid it. Such steps can end up worsening their financial situation and driving them further into debt. In truth, if you're in a situation of serious insolvency and can't see a way out that doesn't involve borrowing more money, having yourself declared bankrupt can be the best decision you could possibly make.
Insolvency is a state of financial being in which you are unable to meet your debt repayments. Bankruptcy is one method of resolving the state of insolvency.
If you're currently insolvent and are unsure what to do to resolve the situation, meet with an insolvency and bankruptcy specialist to discuss your options. In Australia, the best way to find one is to look through one of the directories maintained by an accrediting body. One of the best places to start is ARITA, the Australian Restructuring, Insolvency & Turnaround Association.Share
27 October 2016